But when asked to provide more detail, one in three said they haven’t explored the process because they don’t believe that they have enough assets to pass along to loved ones. “However, estate planning can be anything from setting up a will or trust to making sure you have the right beneficiaries to creating a health care directive.” While more than 50% of Americans think estate planning is at least “somewhat important,” only 33% of Americans have a will or living trust, according to the 2022 Wills and Estate Planning Study from senior care living referral service company .Īs for their reason for delay, more than 40% of Americans told the senior living referral service that it’s all about procrastination.

“We often think of estate planning as something the ultra wealthy do,” said Dara Luber, senior manager at Schwab. What Is Estate Planning?Įstate planning is the process by which you determine how your assets should be handled when you’re no longer capable of making financial decisions. However, pretty much anyone can benefit from estate planning, which is designed to help protect your assets for your heirs. One common misconception is that estate planning isn’t necessary if your estate’s assets amount to less than the 2022 federal estate tax exemption of $12.06 million per individual. However, estate planning is an important part of managing your finances. None of us likes to think about dying-and what will happen to our money afterward.

Learn about 529 plans and other tax-advantaged strategies that can be employed now.

Make sure the beneficiaries named in your financial accounts match the intentions set forth in your will.

Estate planning can be helpful for any income level.

Estate planning checklist pdf